Hi there, as we trundle toward getting the 457 through and start planning for our move in early April, the details begin to enter my brain with increasing frequency.
One of the things I need to understand is how easy it (if at all) is to get a loan from an Aus bank when on a temporary 457 visa?
The visa is for 4 years, as is my contract with the firm I am joining, will it be easy for me to get a loan? We will need one immediately we land, since we have no savings to take with us, and selling all of our stuff here is only going to get us to an even point.
I think that it will be difficult but not impossible. You could try contacting Westpac migrant banking in London to see what their views are but I suspect that you will need to use a non-standard lender such as Bluestone: Welcome to Bluestone Group
Don't forget that you will not be eligible for the first home buyers grant and you will need FIRB approval before being able to purchase a property.
Its not for buying a house - unsecured for cars etc.
I think my firm has a relationship with the Commonwealth bank - I will push them to call me (things do seem to take a long time to happen over there!!).
We got a loan through Westpac for Billys car for work. We are on a 457 visa & got this 2 weeks after arriving. As long as the loan its over the 4 years you should be ok. Just take in your letter of employment from your company.
FIRB: Foreign Investment Review Board - Home
hi we are in the same boat we too are heading out 14th march on a 457 for 4 years we already have friend there and they say no problems with a mortgage.. but you do have to have permission granted from the above link..
if you talk to estate agents when you are house hunting they are used to having to do this process and it apparently can be done online and is currently taking about 15 days to approve. then you free to buy..
hope this helps and know you not the only one heading down that route.
AFAIK if you buy a house out there on a 457 you will lose your tax break under LAFH.
I would have thought it best to rent for 4 years, save money for a deposit (or a bigger one), then buy a house.
Wouldn't want people losing out from juicy tax breaks!
Hi Chris & April,
Can you please explain further what these tax breaks are and what the abbreviations meant.
Is it not better to buy a house as soon as, hoping that the equity in 4 years will have overtaken what one may have saved in 4 years as a deposit. Perhaps you know better and will be able to throw further light on this i.e. rent vs purchase.
Thanks
Timi
We are on a 457 and have been accepted for a mortgage no problem. We went through Westpac. We also got a response regarding the foreign investment approval within a day via email. We did a covering letter asking if they could do it quickly (just find a reason of some sort!) and we had it back in a day. We have been here 2 months and are completing on our house purchase in 2 weeks time.
